Hi -- I have made 28 payments of £250 per month on my iVA so far. If I wanted/could pay back my IVA early how would that work and what steps should I take. I guess the first would be to contact my IP.How much do you think that the last paymen would be
The first step would to be to find a way of getting a lump sum together, and then discussing the possibility of a variation with your IP. I would recommend that you try and achieve the actual dividend offered to creditors - other IPs will recommend that you go in lower on the basis that creditors get their money earlier. Either way, you will need your IP to work out some figures for you - but try and find a funder first!
It will depend on how much money you had to offer as a full and final payment, and where this money would come from.
You can contact your IP and ask how much they think would be a good figure.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
How come you are able now after making just over 2 years of payments the ability to pay your creditors in full?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
